A Charlottesville/Albemarle Area RE Blog tracking the market's Boom Bubble Bust Bounce, from 2008 to 2013. The second half of 2010 saw a steep downward spiral in sales; 2011 saw sales volume at 13 yr lo with prices dropping each Quarter. 2012 began with even lower prices which resulted in an uptick in Y/Y sales, and mid-2012 saw "Carpe Diem" trumping "Caveat Emptor." 2013: Booming. Are we a "Protected Market" once again? Time will tell.
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Friday, August 22, 2008

Accidental Landlord Thinks William Faulkner Slept Here

Buy For $800,000 or Rent for $3,000/Month With Accidental Landlord in Western Albemarle

The number of unsold houses continues to grow, becoming a "shadow inventory" as they turn into rentals. With more rentals on the market than usual, and the country in a recession, prices should be coming down.

But since we're in Charlottesville/Albemarle and the water is still, apparently, filled with Bubble Juice, asking prices remain silly.

If you want live in Western Albemarle, you can rent this baby: 2400 Pine Garth Run, just beyond Foxfield, 5 beds, 3.5 baths, $2995.00 per month - or $36 Grand a Year.

OR Purchase for $799,900.00. Despite this price point, 2400 Pine Garth Road is listed with ForSaleByOwner.com. But maybe the current owners don't really want to sell this house for $800K? After all, they bought it for $360K in 2000--so surely they're willing to negotiate?

The Sale ad tells us that the house was originally a cabin built in 1960, but has now been expanded to4,500 Sq. Ft.

However, the County Tax Assessor differs: claims the place dates from 1965. Which puts into question the following great local hearsay from the CL ad: "The home was originally a hunting cabin built circa 1960. The original owners of the cabin were relatives of William Faulkner, who reportedly stayed at the cabin while he was a writer-in-residence at UVA."

Did somebody really take a cabin and expand it into this thing? Or could it be that the current owners are overlooking the fact that one of the storage sheds was the original "hunting cabin"?

And, Hello? If there's a modicum of veracity to this tale, we must point out that these folk want to maintain the bragging rights of having housed one of the Greatest Authors of the 20th Century, without authenticating. We don't, quite, 'buy' any of it. But you know how we are.

Va. Housing Development Authority market data for the local Realtors Assn. indicates rising foreclosures, declining prices, then "correction" at least 12 months away.Comparisons: See Current Median Home Prices in Cville, Alb, other parts of VA, and 20 other markets.

Home prices likely lower in 2011, in 85% of the United States' 381 metropolitan areas - PMI Group. Includes graphs.VP Biden - We "Misread the Economy" - VideoThe number of foreclosures keeps rising because mortgageholders can't afford the modifications. Read the data.

Halsey Minor, King of The Tyvek Tower, is being sued not just by contractors, but by the funding bank. TheLandmark Mess continues. City claims it will not bail out the blight on the landscape and a real contrast to the $7.5 million in bricks at the base of the steel girders.